Rasmussen College Financial Forecasting for A Nurse Manager Memo

Question Description

ourse Competency

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  • Apply the principles of economics as they relate to nursing and healthcare.

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Transferable Skill

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  • Communication – Displaying capability in writing, reading, and oral communication; understanding of non?verbal language.

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Scenario

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The nurse manager in orthopedics hasasked for your assistance with a finance project. She is being asked toestimate revenue for the next fiscal year based on the projected numberof hip replacements increasing from 300 this year to 340 next year.

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The nurse manager must also factor inthe expected changes in sources of revenue by payer. It is estimatedthat the hospital will lose some contracted insurers due to localcompetition, and see an increase in Medicare and Medicaid patients dueto area demographics and economic conditions. She has provided you withthe numbers from this year’s budget and the projections on numbers andpayment amounts for next year.

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Instructions

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Prepare a financial forecasting memo to your nurse manager that:

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Part One – Financial Forecasting Model

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  • Contains a completed financial forecasting model by downloading the Financial Forecasting Model Click for more optionsto:
    • Calculate the income projectedfrom each payer source and total for the year to compare next year’srevenue to this year’s revenue.
    • Provide your nurse manager with your estimates on the increase/ decrease in revenue for next year’s budgeting.

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Part Two – Financial Forecasting Memo

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  • Explains how the change in payer mix will impact the overall projected revenue of the unit.
  • Describes the financial impact of a changing payer mix.
  • Lists recommendations for the manager to consider in expenses, so that the budget will balance as neutral.
  • Provides stated ideas withprofessional language and attribution for credible sources with correctAPA citation, spelling, and grammar in the memo.
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